11347 Emelita Street, North Hollywood, CA 91601
Property · 2 recorded sales since 2015
Sold December 2022
Listing Agent: Elizabeth Maddox (DRE #01921425) · Listing Office: The 2-4 Unit Specialists · Contact: 818-859-7242 · Bought with: Todd Jones · Rodeo Realty · MLS #BB22218205 · Source: CRMLS
About this property
11347 Emelita St is a 7-unit building in the NoHo Arts District that has been extensively renovated (5 of 7 units fully remodeled) and boasts an outstanding current cap rate of 4.69%. These gorgeously updated 2 bedroom and 1 bedroom units quickly achieved market rents of $2,495 for the 2 bedrooms and $2,195 for the 1 bedrooms. In addition to the already strong return, this property boasts major upside potential- with 2 remaining units under market rent, there is room to boost the return to 5.71% ($2,519 more in monthly rent)! Additionally, there may be potential to add ADU’s above the carport, an addition that would generate further income (buyer to do their own due diligence). There is also a large storage room that can certainly bring additional income- be that via an additional ADU conversion, paid storage or an extra room rental. With small new construction developments going for the high $2 millions and beyond, this is your chance to buy as close to new as possible while locking in an unheard of price per door of $385,000 and price per square foot of $420.57! 11347 Emelita is made up of five 2 bedroom, 1 bathroom units and two 1 bedroom, 1 bathroom units. All seven units are enormous and have very open, spacious floorplans. This property is rich with amenities, including: upscale stainless steel appliances in 5/7 units, quartz countertops, vinyl floors in the new units and hardwood floors in the non-updated units, a laundry room generating approximately $100 in additional income a month, a massive storage unit currently set up as a gym, 8 smaller storage units in the carport, 7 parking spaces (4 carport, 3 surface), new windows and doors throughout the whole property, mini splits and new wall units in the renovated units, a resealed roof, and new electrical subpanels. Another huge bonus is that 5 of the 7 units are on RUBS- in addition to paying electric and gas individually, tenants also pay for their portion of water/sewer and trash, making the expenses very light on this property! This impressive compound is located 5 minutes from both the heart of the NoHo Arts District and NoHo West- a dream come true for renters.
Listing description from the December 2022 sale, as reported to CRMLS.
Sale history
